Binance Coin drops from $303.43 to $287.26, losing $16.17 (5.33%) today.
Binance Coin made an initial break below its 200 day Simple Moving Average at $286.96, a possible indication of a forthcoming negative trend. BNB is currently flirting with an active Fibonacci support level around $300.8. On the other hand, note that BNB could begin to recover as it approaches significant support, now $13.96 away from $273.31. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems BNB is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $3.51, FTX Token lost $0.667 and is trading around $2.84. Dogecoin is trading around $0.084 (down $0.006). Algorand USD is down $0.024 from the beginning of the session and now trades around $0.297.
Approximately 11 months ago, Binance Coin reached a significant high of $652.16 but has struggled to hold onto its gains and declined 53.47% since then. Binance Coin is currently trading with a market cap of 45.95 billion with an average daily volume of 246.18 million.